FRANKFURT (Standard&Poor's) Feb. 5, 2002--"Deutsche Bank AG's weak results for 2001 clearly demonstrate the need to ruthlessly address the group's unfavorable cost structure, which continues to be the group's Achilles heel," said Michael Zlotnik, Managing Director of Standard&Poor's Financial Services Group in Frankfurt. While the announced results will not have immediate rating implications, Standard&Poor's sees 2002 as a critical year for Deutsche Bank's rating. "We will watch developments very carefully during 2002. Deutsche Bank must deliver on its announced cost-cutting program, and demonstrate success in restructuring its underperforming Private Banking and Asset Management operations against the background of a persistent difficult operating environment. Failure to do so would have negative rating implications," Mr. Zlotnik
